The price of Bitcoin has risen by $1,000 in just a day, surpassing the $26,200 mark. Experts have analyzed the price movements of the leading cryptocurrency and provided forecasts for its future dynamics.
Over the past 24 hours, the price of Bitcoin has increased by $1,000. The first cryptocurrency has risen in value from $25,000 to over $26,000, recovering from its decline on September 11th. As of 5:00 pm UTC, the asset is trading around the $26,200 mark.
Experts have analyzed the price movements of Bitcoin for "RBK-Crypto" and have provided forecasts for its future dynamics. Market analyst Victor Pershikov stated, "The recent movements of Bitcoin do not have any fundamental justification. With low liquidity and decreasing market capitalization, the asset is simply changing hands from one group of players to another, creating a range that was established back in late March. Its lower boundary at $25,000 has repeatedly acted as significant support, and a drop below this level would be unpleasant for many players, particularly miners, so it is clear that this level is being defended."
Pershikov continues to anticipate no significant price changes in September, believing that range-bound movements within the $24,000 to $31,000 range will continue. He suggests that more substantial and deliberate movements can only be expected in the fourth quarter. Investors are closely watching for signals from the Federal Reserve, both at the September meeting and the November FOMC meeting, which could bring volatility to the market. Currently, the market's volatility is purely formal and remains within capitulations.
Artem Deev, Head of the Analytical Department at AMarket, explains that Bitcoin has been following the market recently. Various factors have influenced it, but overall, the situation is such that the global economy is not growing. Since cryptocurrency is a speculative asset, its main value lies in protecting investments. However, in a stagnant environment, Bitcoin does not even represent a normal defensive asset. Plus, the majority of players in the crypto market are private investors who closely monitor the movements of major players and easily change course. Nevertheless, Deev believes that the market may lean towards buyers in September.
